Which of the following is not an example of a Statutory Condition?

Statutory Conditions are specific provisions outlined in insurance policies that are mandated by regulation and must be included in most insurance contracts. These conditions establish the rights and responsibilities of both the insurer and the insured.

In the context of the available choices, "Pair and Set" refers to a condition that applies specifically to how claims involving items that are part of a pair or set are handled. While this may be important in the context of an insurance policy, it is not classified as a statutory condition; rather, it is often a policy condition included at the insurer's discretion.

On the other hand, the concepts of Replacement, Notice, and Material Change are explicitly defined by law as statutory conditions that an insurer must adhere to in order to ensure fair treatment of policyholders. These address essential elements that protect both parties in an insurance contract, such as the need to notify the insurer of changes to the risk (Notice), the process for replacing property in the event of a claim (Replacement), and the need for policyholders to report any changes that materially affect the risk (Material Change).

Thus, identifying "Pair and Set" as not being a statutory condition aligns accurately with the definitions and regulations governing insurance practices. Understanding this distinction reinforces the importance of statutory conditions as